The AACMI offers a number of benefits to members to enable them to carry out their obligations as audit committee members on an informed basis.
Specific benefits include:
- real-time e-mail alerts advising members of critical developments of importance to audit committee members;
- at least quarterly teleconferences/webinars on best practices and other current topics (One teleconference/webinar a year is devoted solely to bank audit committees and one to nonprofit organizations);
- the AACMI holds one in-person annual meeting each year at which members may network with each other.
- assist member audit committees in their required self-evaluation;
- potential discounts or more favorable rates from director and officer liability insurers;
- access to a secure web site containing information of interest to audit committee members, such as new regulatory developments, sample committee charters and other documents, and information concerning liability insurance;
- a secure message board on which members can share information and experiences, pose and answer questions, and otherwise discuss topics of interest;
- the opportunity to ask questions of and receive answers from the authors of Audit Committees, published by The Bureau of National Affairs, Inc., on an anonymous basis (limited to two times per calendar year per member);
- the ability to use the AACMI symbol on shareholder material to reflect your company's adherence to strong audit committee oversight;
- CPE credit for accountants.
The AACMI is accredited by the National Registry of CPE Sponsors.
Insurance SavingsThe AACMI has been advised that savings on director and officer liability policies may be obtainable from a number of insurers for participation by audit committee members in AACMI educational activities.
Armfield, Harrison & Thomas
David L. Schaefer, CPCU, RPLU, Principal
Toll Free: 800-648-4807
The Association has been advised by David L. Schaefer that his firm has developed a proprietary corporate governance program for public companies entitled "Ensuring Integrity", and that several of his firm's underwriting relationships have committed to providing preferred director and officer liability insurance pricing, coverage terms and capacity for companies that participate in this program. The Association has also been advised that activities of audit committee members in the Association are consistent with this proprietary corporate governance program.
Frank Crystal & Company
Mark E. Freitas
President and Chief Operating Officer
Toll Free: 800-221-5830
Frank Crystal offers a distinct alternative in insurance brokerage: the client-centric approach of a boutique with the resources and specialty expertise of a larger firm. Frank Crystal has significant expertise in the specialized insurance coverages needed to address corporate liability exposures. Our experienced Professional Liability brokers understand the coverages available in the marketplace and maintain close relationships within the underwriting community. These relationships allow us to achieve the insurance objectives of our clients and to obtain the broadest, most competitive terms, conditions and pricing for members of the Association.
Willis Group Ltd.
A representative of Willis Group Ltd has advised us that membership in the Association is "an important risk management consideration in negotiating rates with underwriters."
We are a non-profit association of audit committee members dedicated to strengthening the audit committee by developing national best practices, including a robust whistleblower system.
We are the only independent organization devoted exclusively to improving audit committee oversight and we are not affiliated with any accounting firm.
We offer monthly teleconferences and webinars that enable directors to conveniently receive corporate governance education, at least 4 to 6 per year.
We provide timely emails of important information.
Member benefits include potential discounts from director and officer liability insurers and CPE education credits.
Our Board of Directors consists primarily of Chairman of audit committees of New York Stock Exchange and NASDAQ Stock Market Companies.
Our Board of Advisors will consist of accounting professors and accounting specialists with an SEC background who can assist members on difficult accounting issues and provide second opinions.
Annual dues for members are $1,000 per year, per public company(includes all directors and management), and $500 per private company and nonprofit organization (including all directors and management). Additional funding may be obtained from corporate sponsorships, sales of publications, and advertising revenue.